CoinHood

Proposed Legislation Would End Presidential Dollar Coins

Pulaski — Mon, 25 Jul 2011 18:35:23 +0000

by Darrin Lee Unser on July 22, 2011

in Coin or Numismatic News, Presidential Dollar

The Presidential $1 Coin Program would not run its full course if several members of the Senate and House get their way. Two separate pieces of legislation have been introduced in the U.S. Congress which would ultimately end the dollar coins series dedicated to the former Presidents of the United States.

This new legislation comes in response to recent media attention to a reported $1 billion plus worth of dollar coins held in storage by Federal Reserve Banks. (Check out the PDF of the Annual Report to the Congress on the Presidential $1 Coin Program from the Board of Governors of the Federal Reserve System.) The massive stash of coins has been building up over the years with a marked increase occurring since the introduction of Presidential dollars four years ago.

Most attribute the inventory of dollar coins to two major factors. First, the public’s resistance to the use of dollar coins for everyday circulation. Second, requirements pertaining to the dollar coins placed on both the US Mint and the Reserve Banks.

When Congress created the legislation for the Presidential series in 2005, undoubtedly one of main reasons behind it was to win the public over to the idea that dollar coins could be used for daily commerce transactions. If it had occurred, it may have led to an easy transition from the $1 banknote which ends up costing significantly more to produce over the long-term in comparison to a coin. Currently, $1 banknotes have an expected life of 42 months according to the Bureau of Engraving and Printing. The United States Mint lists the life span of a coin at 25 years.

It is also not the first time Congress attempted to put dollar coins into meaningful circulation. In 1971, Eisenhower Dollars were first minted but proved unpopular with the public owing to their size. They were followed in 1979 by the Susan B. Anthony Dollar which also proved unpopular despite being much smaller. Finally, in 2000, the Sacagawea Dollar made its way to the public but never took traction when it came to commerce.

Then, in 2005, Congress passed the Presidential Coin Act of 2005. It sought to increase interest in the $1 coin by honoring the former Presidents of the United States on their obverse. The program debuted in 2007 and is scheduled to run through at least 2016 with four new dollar coins appearing per year honoring the Presidents in the order in which they served.

However, in passing that Act, Congress also placed certain demands on their production. For one, it initially required that at least 1/3 of the total number of dollar coins produced in a year still feature the Sacagawea design. (That percentage was later decreased to 20% of the total.) In addition, a mandatory introductory period was established which required Federal Reserve Banks to have sufficient supplies on hand of each of the new designs to insure broad public availability.

Together, the lack of interest in the coins and the mandated production and distribution meant that many more of the coins have been produced than are needed, which led to the build-up. However, if passed, the proposed legislation would remedy that problem.

H.R. 2593 was introduced in the House of Representatives by Rep. Jackie Speier of California and is cosponsored by Rep. Jared Polis of Colorado. Entitled the Wasteful Presidential Coin Act of 2011, the proposed legislation would strike subsection (n) of Section 5112 of title 31 which authorized the Presidential $1 Coin Program. It would further limit the number of Sacagawea Coins produced by adding:

“no $1 coin may be minted or issued under this section during any period in which the number of $1 coins issued, but not in circulation, is more than 10 percent of the number of $1 coins in circulation” to Section 5112 of title 31.

A bill was also introduced in the United States Senate by Sen. David Vitter of Louisiana and cosponsored by Sen. Jim DeMint of South Carolina. S. 1385 , entitled A bill to terminate the $1 presidential coin program, would strike subsection (n) and replace it with “(n) [Reserved].” (Read one collector’s perspective on this bill at Coin Collectors Blog.)

Either legislation, if it became law, would see the end of the Presidential $1 Coin in its entirety. In addition, it would likely also affect the associated First Spouse Gold Coin Program which are issued in conjunction with the Presidential dollars coins.

For proposed coin legislation to become law, it must pass in both chambers of Congress and win the signature of the President of the United States.

2010 America the Beautiful Five Ounce Silver Uncirculated Coin™ – Grand Canyon National Park

Pulaski — Thu, 30 Jun 2011 12:36:16 +0000

2010 America the Beautiful Five Ounce Silver Uncirculated Coin™ – Grand Canyon National Park

Enthralling landscapes and breathtaking views await visitors to Grand Canyon National Park. This unique coin will make the perfect addition to any collection. It is made of .999 fine silver and has a diameter of three inches. The coin’s expert craftsmanship captures the wondrous natural beauty of this unforgettable national park. The reverse features a spectacular view of the granaries above the Nankoweap Delta in Marble Canyon near the Colorado River. The obverse features the 1932 portrait of George Washington by John Flanagan. Add this treasure to your collection by ordering today!

2011 September 11 National Medal

Pulaski — Wed, 22 Jun 2011 03:10:21 +0000

2011 September 11 National Medal

This beautiful proof silver medal commemorates the 10th anniversary of the September 11, 2001, terrorist attacks on the United States. The medal’s designs are emblematic of the courage, sacrifice and strength of those individuals who perished in the attacks, the bravery of those who risked their lives to save others that day, and the endurance, resilience and hope of those who survived. The obverse features Lady Liberty holding a Lamp of Remembrance with the inscriptions ALWAYS REMEMBER and 2001 – 2011. The reverse features an eagle against a background of cascading water with the inscriptions HONOR and HOPE. A $10 surcharge per medal is authorized to be paid to the non-profit National September 11 Memorial & Museum. Order today and continue the legacy of hope.

Yosemite 5 Oz Silver Uncirculated Coin Available June 9

Pulaski — Tue, 07 Jun 2011 03:48:37 +0000

by Mike Unser on June 3, 2011

The United States Mint this week confirmed that it will make the Yosemite National Park 5 Oz Silver Uncirculated Coin available on Thursday, June 9, 2011.

The three-inch diameter, .999 fine silver collector coin had been listed in the Mint’s June schedule for an expected release on the 9th, but its launch was set in stone and release details affirmed in a media statement the bureau issued Thursday.

The United States Mint will release up to 27,000 Yosemite silver coins beginning on June 9 at noon ET. Unless silver’s direction changes radically in the next few days, it will go on sale at $279.95.

“The 2010 America the Beautiful Five Ounce Silver Uncirculated Coin — Yosemite National Park is currently priced at $279.95,” per the Mint’s media statement. “As with all products sold by the United States Mint containing precious metals, pricing is subject to change.”

Price and mintage levels remain the same as the first two issues in the series, the first Hot Springs National Park 5 Oz Silver Uncirculated Coin and the second Yellowstone National Park 5 Oz Silver Uncirculated Coin. Buyers eagerly sought out both of these coins as their sell outs occurred within weeks. Arkansas’s Hot Springs coin was made available on April 28 and sold out May 13. Wyoming’s Yellowstone coin was made available on May 17 and sold out on June 1.

Yosemite Coin Design

Designs for the Yosemite National Park 5 Oz Silver Uncirculated Coin are the same as the five-ounce bullion version minted for investors (which sold out last year), and that of the circulating Yosemite National Park America the Beautiful Quarter.

The obverse features the familiar portrait of George Washington. The reverse, by Joseph Menna, depicts the scenery of El Capitan. Inscriptions include YOSEMITE, CALIFORNIA, 2010 and E PLURIBUS UNUM.

As a collector piece, the Yosemite silver coin bears a Philadelphia “P” mint mark. The bullion version of the coin was minted in Philadelphia as well but does not have the denoting mint mark.

Five-ounce coins have an edge inscription of .999 FINE SILVER 5.0 OUNCE. Quarters have a reeded edge.

Order Details for Yosemite Uncirculated Coin

When available, the Yosemite National Park 5 Oz Silver Uncirculated Coin may be purchased directly from the United States Mint website at http://www.usmint.gov or by calling its toll free number 1-800-USA-MINT (872-6468). There is a limit of one coin per household. A shipping and handling fee of $4.95 will be charged for all domestic orders.

The Yosemite uncirculated coin comes enclosed in a capsule to protect its finish. The capsule is placed within a protective outer box and accompanied by a Certificate of Authenticity.

Additional 2010-dated five-ounce coins will become available later this year. They include coins honoring Grand Canyon National Park in Arizona and Mount Hood National Forest in Oregon. Check out this site’s National Park Silver Coins page for information on each of the 2010 and 2011 five ounce issues.

2011 Proof American Platinum Eagle Coin Available

Pulaski — Sat, 28 May 2011 18:49:01 +0000

2011 Proof American Platinum Eagle Coin Available

by Rhonda Kay on May 27, 2011

in Coin or Numismatic News,New Coin Releases,US Mint News and Information

The 2011 Proof American Platinum Eagle Coin was released Thursday, May 26, for an opening price of $2,092.00. Now the question is, how long will it take for the United States Mint to sell all 15,000 of them, assuming it will indeed sell out.

The United States Mint released the 2011 Proof American Platinum Eagle on May 26 for an initial price of $2,092.00.

In 2009 and 2010, collectors jumped at their chance to get the newly designed coins, and each sold out in about a week. Of course back then the United States Mint launched them later in the year, struck fewer of them, and sold them for much less.

This year’s higher mintage of 15,000 should make the Platinum Eagle coin available longer. In 2009, only 8,000 were produced and in 2010, the United States Mint struck 10,000. The initial order limit of five (5) coins per household is the same this year as it was in those previous years.

Coin Specifications & Design

The one ounce proof coin contains 99.95% platinum, has a reeded edge, and display the West Point “W” mint mark on the reverse. What makes them different this year is the new design, emblematic of the theme, “To Insure Domestic Tranquility.”

Although 2011 represents the 14th year for the American Platinum Eagle, this year’s eagle is the third in a six-year series introduced in 2009 as the Preamble Series. The designs celebrate six core concepts of American democracy as described in the Preamble of the United States Constitution.

This image of the proof eagle and its packaging were included in a United States Mint promotion notice to customers announcing that the new coin was available.

The reverse of the 2011 Proof American Platinum Eagle features a harvest goddess emerging from a field of wheat, which symbolizes “the vastness of our Nation and its wide diversity of views.” She holds a stalk of wheat in her left hand as she extends her right hand to a dove, which is meant to represent “the fulfillment of tranquility in our Nation’s cohesive yet free society.” Inscriptions include UNITED STATES OF AMERICA, 1 oz., .9995 PLATINUM and $100. It was designed by Joel Iskowitz and sculpted by Phebe Hemphill.

Also, the six-coin series features a privy mark on their reverses, which is from an original coin punch identified at the United States Mint at Philadelphia.

The obverse depicts the familiar forward facing portrait of Lady Liberty and is said to symbolize vigilance and faithfulness to duty. It was both designed and sculpted by John Mercanti.

Proof American Platinum Eagle Prices & Mintage Limits

At an initial price of $2,092.00, the highest the United States Mint has ever charged for a single platinum coin, the eagle will be more difficult to sell to collectors in this economy. The price is subject to change, since it is based on the fluctuating weekly average price of platinum per the London Fix set each Wednesday.

Below is a chart of a few specifics as related to the Preamble Series, including past coin prices:

Year	Launch Date	Mintage	Price	Reverse Design Theme
2009	December 3, 2009	8,000	$1,792	To Form a More Perfect Union
2010	August 12, 2010	10,000	$1,892	To Establish Justice
2011	May 26, 20111	15,000	$2,092	To Insure Domestic Tranquility
2012	?	?	?	To Provide for the Common Defense
2013	?	?	?	To Promote General Welfare
2014	?	?	?	To Secure the Blessings of Liberty to Ourselves and our Posterity

Order Information

The 2011 Proof American Platinum Eagles may be purchased directly from the United States Mint at http://www.usmint.gov/catalog, or directly here, and by phone at 1-800-USA-MINT (872-6468). Hearing and speech-impaired customers with TTY equipment may place their orders by calling 1-888-321-MINT (6468). A shipping and handling fee of $4.95 will be added to all domestic orders.

2010 America the Beautiful Five Ounce Silver Uncirculated Coin™ – Yellowstone National Park

Pulaski — Wed, 18 May 2011 02:42:59 +0000

Product Notification

SOLD OUT

2010 America the Beautiful Five Ounce Silver Uncirculated Coin^™ – Yellowstone National Park

Pack your bags for an unforgettable road trip to one of the most awe-inspiring sites in our Nation! This three-inch, five-ounce coin’s obverse features the 1932 portrait of George Washington by John Flanagan. The reverse features the captivating Old Faithful geyser with a bison in the foreground. The coin has an uncirculated finish and a “P” mint mark for the United States Mint at Philadelphia, where it is struck. Only 27,000 coins will be minted, and a limit of one coin per household is in effect for at least the first week. Add this stunning coin to your collection today!

2011 Uncirculated American Gold Eagle Released

Pulaski — Sat, 07 May 2011 16:08:10 +0000

by Mike Unser on May 5, 2011

in Coin or Numismatic News,Featured Coin News Articles,New Coin Releases,US Mint News and Information

For the first time in three years, collectors may purchase an uncirculated American Gold Eagle from the United States Mint. The one ounce, 22-karat gold coin went on sale Thursday at 12:00 noon ET with an opening price of $1,778.00.

The United States Mint produces three types of American Gold Eagles — two collector versions that feature a unique proof and uncirculated finish with both bearing the West Point (“W”) mint mark, and an investment-grade bullion coin that does not have a special finish or mint mark. In appearance, the uncirculated coin mostly resembles the bullion Gold Eagle.

The uncirculated Gold Eagle has been on hiatus for three years as the Mint reserved its 22-karat gold coin blanks for the bullion coin exclusively in 2009, and then allocated them for the bullion and proof issues in 2010. While the proof and bullion coins have been around since 1986, the uncirculated eagle was only introduced as a collectible offering in 2006.

Unlike the bullion and proofs, which were released earlier this year and are offered in one ounce, half ounce, quarter ounce and tenth ounce sizes, the uncirculated American Gold Eagle is available only in the one ounce or $50 denominated size. The United States Mint slashed its product portfolio in 2009, eliminating the fractional sizes.

The obverse of all the coins feature Augustus Saint-Gaudens’ full-length figure of Liberty with flowing hair holding a torch in her right hand and an olive branch in her left. Miley Busiek’s reverse design features a male eagle carrying an olive branch flying above a nest containing a female eagle and her eaglets.

The United States Mint has not announced mintage limits for the 2011 eagle, as it is expecting to produce the coin at the necessary level to meet demand. Past coin mintages have varied by size and year.

Uncirculated American Gold Eagle Mintages

	1 oz	1/2 oz.	1/4 oz.	1/10 oz.
2006-W	45,053	15,164	15,188	20,643
2007-W	18,606	11,455	12,766	22,501
2008-W	11,908	15,682	8,883	12,657

Pricing and order details

As mentioned, the price of the uncirculated coin is $1,778.00. However, that price can change weekly in $50 increments — up or down — based on $50 moves in a weekly average of gold prices. The current price will last at least until Wednesday morning. It was established using a London Fix gold range of between $1,500.00 and $1,549.99 an ounce. Based on its price and melt value of $1,511 as determined by the London AM Thursday fixing, the premium for the Gold Eagle is currently $267.

Buyers can order the coin at http://www.usmint.gov/catalog or at 1-800-USA-MINT (872-6468). Hearing and speech-impaired customers with TTY equipment may order at 1-888-321-MINT (6468). A $4.95 shipping and handling charge will be added to all domestic orders. There are no per household order limits in place.

Similar to the proofs, each uncirculated coin is encapsulated in an attractive case and is accompanied by a Certificate of Authenticity.

The United States Mint indicated that it will begin shipping uncirculated American Gold Eagle orders within one to two weeks.

Silver Tumbles 27.4% in Week, Gold Prices Advance

Pulaski — Sat, 07 May 2011 15:45:22 +0000

Silver Tumbles 27.4% in Week, Gold Prices Advance

by CoinNews.net on May 6, 2011

in Bullion Articles and Precious Metal Reports

Silver futures prices fell for a fifth straight session on Friday, capping a weekly loss of 27.4 percent and closing out its worst week in decades.

Gold and other metals advanced Friday, but they ended lower on the week with palladium falling 9.6 percent and gold and platinum each dropping 4.2 percent.

On Friday, silver prices for July delivery declined 95.3 cents, or 2.6 percent, to close at $35.287 an ounce. They ranged from $33.035 to $36.430. Higher margin requirements by CME Group were attributed in pressuring the metal.

“The higher cash-margin requirements simply cannot be met by all participants, and when a trader can’t make margin, the underlying security is often liquidated,” Lachlan Shaw, a commodity analyst at Commonwealth Bank of Australia, wrote in a note cited on Bloomberg. “Further silver price falls are possible.”

Bloomberg reports that it was the worst week for silver “since at least 1975.” Silver prices plunged $13.31 since last Friday when they had closed at $48.599 an ounce and highlighted an April increase of 28.3 percent. Despite heavy weekly losses, however, the precious metal is still 14.1 percent higher on the year.

“There is no reason why silver should have taken such a big hit. It’s all margin-related,” COMEX floor option trader Dominic Cognata was quoted on Reuters. “At some point, it becomes a buying opportunity for people who missed out on the last silver rally to get back in right now.”

GreatCollections Launches Auction and Direct Purchase Website

Pulaski — Fri, 25 Mar 2011 14:40:14 +0000

by GreatCollections

GreatCollections has launched its much-anticipated auction and direct purchase website at www.greatcollections.com. Catering to collectors and dealers, over 1,000 coins are already available for bid and direct purchase.

1864 Seated Silver Dollar for auction in April

Initially, auctions will end on Sunday evenings before expanding to other days and times. Bidding is available 24/7 at the start-of-the-art website.

GreatCollections handles each coin transaction from start to finish. For sellers, it offers professional imaging for each coin, cash advances as appropriate, and other individualized services generally not available with the large auction houses and other websites, freeing the seller to do nothing except collect the proceeds of the sale.

This is an alternative to the risks of dealing with unknown buyers and sellers online: a trusted venue whose principals have years of coin experience and whose reputations in the industry are impeccable.

“Our fee structure is simple and highly competitive” says Ian Russell, owner and President of GreatCollections. “We charge a 10% buyer’s fee (minimum $5), and a seller’s fee as low as 0%. All fixed price listings carry no buyer’s fee and are instantly available to purchase.”

Russell continues, “In our first month of auctions, we are offering a number of interesting coins, including a nice selection of Colonials, Morgan Dollars, and many MS and Proof-70 modern coins. Over 1,000 coins have been consigned so far, with more arriving each day. We will be offering PCGS, NGC and ANACS certified coins, as well coins approved by CAC.”

Kentucky (Lancaster) Cent for auction in April

Coins range in price from $10 to $10,000.

Coins are continually being added to the website and members can set up a “saved search,” which will automatically notify you when coins matching your criteria appear at GreatCollections.

For more information, including consigning coins to auction, please contact Ian Russell or Raeleen Endo at 1-800-44-COINS, 1-949-679-4180 or e-mail info@greatcollections.com.

April Auction Highlights include:

1652 Pine Tree Threepence PCGS VF-25 (Item #6882)
Elephant Token Halfpence PCGS MS-63 BN (Item #6883)
1787 Massachusetts Cent PCGS AU-55 CAC (Item #6884)
Kentucky (Lancaster) Cent PCGS MS-64 RD CAC (Item #6885)
1864 Two-Cent Large Motto PCGS MS-65 Red (Item #6680)
1864 Seated Silver Dollar PCGS Proof-63 (Item #6886)
1880 Morgan Silver Dollar PCGS Proof-64 (Item #6681)
1885-CC Morgan Silver Dollar PCGS MS-65 CAC (Item #7027)
1863 Three-Dollar Gold NGC AU-58 (Item #6682)
2009 Ultra High Relief $20 Gold NGC MS-70 (Item #7047)

About GreatCollections

GreatCollections is an auction and direct sale venue for PCGS, NGC and ANACS certified coins, as well as coins approved by CAC. It handles each coin transaction from start to finish.

For sellers, it offers professional imaging for each coin, cash advances as appropriate, and other individualized services generally not available with the large auction houses and other websites, freeing the seller to do nothing except collect the proceeds of the sale. Buyers benefit by entrusting a venue whose principals have years of coin experience and whose reputations in the industry are impeccable.

2011 Native American $1 Coin Rolls Available March 28

Pulaski — Tue, 22 Mar 2011 15:22:58 +0000

WASHINGTON – The United States Mint will begin accepting orders for rolls of 2011 Native American $1 Coins at noon Eastern Time (ET) on March 28, 2011. The rolls, priced at $39.95 each, contain 25 circulating-quality Native American $1 Coins from either the United States Mint facility at Philadelphia or Denver. The coins are presented in distinctive packaging bearing the mintage year, the mint of origin, the dollar value of the contents and the United States Mint logo.

Orders will be accepted at http://www.usmint.gov/catalog or 1-800-USA-MINT (872-6468). Hearing- and speech-impaired customers with TTY equipment may order by calling 1-888-321-MINT (6468). Domestic orders will be assessed a shipping and handling fee of $4.95.

The rolls of 2011 Native American $1 Coins are also available for purchase through the United States Mint’s Direct Ship Program in quantities of 10 rolls per box priced at $250 per box. Orders are limited to 20 boxes per household. For additional information, visit http://www.usmint.gov/catalog.

The theme for the 2011 Native American $1 Coin is “Supreme Sachem Ousamequin, Massasoit of the Great Wampanoag Nation Creates Alliance with Settlers at Plymouth Bay (1621).” The coin’s reverse (tails side) design features hands of the Supreme Sachem Ousamequin Massasoit and Governor John Carver symbolically offering the ceremonial peace pipe after the initiation of the first formal written peace alliance between the Wampanoag tribe and European settlers. Inscriptions are UNITED STATES OF AMERICA, $1 and WAMPANOAG TREATY 1621. The reverse was designed by United States Mint Artistic Infusion Program Master Designer Richard Masters and sculpted by United States Mint Sculptor-Engraver Joseph Menna.

The coin’s obverse (heads) design remains the familiar “Sacagawea” design by sculptor Glenna Goodacre, introduced in 2000. Inscriptions are LIBERTY and IN GOD WE TRUST. Like the Presidential $1 Coins, the Native American $1 Coins are minted in the distinctive golden color with edge-lettering of the year, mint mark and E PLURIBUS UNUM.

Public Law 110-82-the Native American $1 Coin Act of 2008-authorizes the United States Mint to strike and issue $1 coins featuring designs that celebrate the important contributions of Indian tribes and individual Native Americans to the history and development of the U.S. The first coin in the series, issued in 2009, features a reverse design of a Native American woman planting seeds in a field of corn, beans and squash. The second, issued in 2010, featured a reverse design of the Hiawatha Belt with five arrows bound together. Additional information about the Native American $1 Coin Program is available at: http://www.usmint.gov/mint_programs/nativeamerican/.

Note: To ensure that all members of the public have fair and equal access to United States Mint products, orders placed prior to the official on-sale date and time of March 28, 2011, noon ET shall not be deemed accepted by the United States Mint and will not be honored. For more information, please review the United States Mint’s Frequently Asked Questions, Answer ID #175.

Information about the United States Mint is available at: http://www.usmint.gov.